Toyota Motor Profit Falls 18%
On Rising Consumer Discounts

TOKYO -- Toyota Motor Corp. said its fiscal fourth-quarter net profit fell 18%, as the Japanese auto maker ratcheted up consumer discounts in the U.S. to stay competitive with its big rivals.

Toyota, the world's third-largest auto maker after General Motors Corp. and Ford Motor Co., said profit fell to &yen;174.8 billion ($1.5 billion) in the quarter ended March 31, from &yen;213.2 billion a year earlier.